New single-family home sales hit 744,000 in November as housing demand continues to remain high.

The U.S. Census Bureau and the Department of Housing and Urban Development released data on Thursday showing the number of new home sales went up 12.4% in the last month. As of November, the number of homes for sale stood at 402,000.

However, the total was 26,000 lower than the 770,000 sales that were forecasted.

Existing home sales were up in the last month by 1.9%, according to the National Association of Realtors (NAR).

The median sale price on new homes went up by 18.8%, the highest recorded in the last six decades, Barron's reports.

The U.S. housing market has been volatile throughout the COVID-19 pandemic. Costs for homes skyrocketed in the last year, owing to higher prices for building materials, a sector-wide labor shortage and inadequate supply to keep up with demand. Homebuilders have attempted to step up construction to address this, but it remains an ongoing process.

“Supply chain disruptions for building new homes and labor shortages have hindered bringing more inventory to the market,” said NAR chief economist Lawrence Yun in a statement. “Therefore, housing prices continue to march higher due to the near record-low supply levels.”

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